Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Polygon Labs’ ambition for a connected layer-2 Ethereum ecosystem driven by zero-knowledge cryptography is set to advance significantly with the introduction of three initial improvement proposals that will initiate the transition to Polygon 2.0.
The scaling technology company revealed Polygon 2.0 in June 2023, detailing its vision for a scaling ecosystem composed of four protocol layers. The staking, interop, execution, and proving layers collectively contribute to forming a cohesive ecosystem of chains that facilitate rapid value transfer and information exchange.
1/ The wait is over. Polygon 2.0 implementation kicks off now with the release of 3 Polygon Improvement Proposals (PIPs), and a roadmap for Phase 0.https://t.co/gk7FW0zCpc pic.twitter.com/YJo3BtQy4y
— Polygon (Labs) (@0xPolygonLabs) September 14, 2023
Polygon co-founder Sandeep Nailwal recently elaborated on how the ecosystem intends to establish itself as the value layer of the internet by leveraging zero-knowledge (ZK) technology to deliver low-cost, high-throughput capabilities to the broader Ethereum ecosystem.
On September 14, Polygon presented three Polygon Improvement Proposals (PIPs) for community evaluation and voting, which are scheduled to commence in the last quarter of 2023.
Related: Polygon’s ‘holy grail’ Ethereum-scaling zkEVM beta hits mainnet
Related Posts
The PIPs provide technical specifications for “Phase 0” of the creation of a network of interconnected ZK-powered layer-2 chains that enhance Ethereum’s scalability. This encompasses a proposal for the transition and specifications that will convert MATIC (MATIC) tokens into POL tokens, which will serve as the native token for the Polygon proof-of-stake (PoS) protocol.
PIP-17 will initiate the upgrade from MATIC to POL. This transition will establish POL as the native gas token and staking token for the Polygon ecosystem, alongside the launch of the staking layer and the migration of Polygon public chains.
PIP-18 outlines the technical details of POL tokens and the associated contracts that will manage emissions and token migrations. POL tokens can be exchanged at a 1:1 ratio for existing MATIC tokens. The PIP specifies an initial supply of 10 billion and an annual emission rate of 2%, evenly allocated between validator staking rewards and a community treasury.
Finally, PIP-19 suggests updating the native gas token on Polygon PoS from MATIC to POL while ensuring optimal backwards compatibility.
Polygon’s announcement indicates that PIP-19 will not alter contracts on Polygon PoS, nor will it change the characteristics of the protocol’s native token. However, contracts on Ethereum awaiting MATIC from the native MATIC bridge may be impacted by the upgrade.
Magazine: Here’s how Ethereum’s ZK-rollups can become interoperable
